Annual Report & Accounts 2007 - Euromoney Institutional Investor ...

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Welcome to Euromoney Euromoney Institutional Investor PLC is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is a leading international business-to-business media group focused primarily on the international finance, metals and commodities sectors. In October 2006 it acquired Metal Bulletin plc for £240 million. It publishes more than 70 magazines, newsletters and journals, including Euromoney, Institutional Investor and Metal Bulletin. It also runs an extensive portfolio of conferences, seminars and training courses, and is a leading provider of electronic information and data on international finance, metals and commodities, and emerging markets. Principal Brands ● Euromoney ● Institutional Investor ● Metal Bulletin ● Euroweek ● Asiamoney ● Latin Finance ● ISI Emerging Markets ● BCA Research ● IMN Contents Group 2 Highlights 2 Chairman’s Statement 6 Directors’ Report 18 Directors and Advisors 20 Corporate Governance 25 Directors’ Remuneration Report 36 Independent Auditors’ Report 38 Group Income Statement 39 Group Balance Sheet 40 Group Cash Flow Statement 41 Note to the Group Cash Flow Statement 42 Group Statement of Recognised Income and Expense 43 Notes to the Accounts Company 80 Independent Auditors’ Company Report 81 Company Balance Sheet 82 Notes to the Company Accounts 89 Five Year Record 90 Internet Sites 91 Financial Calendar and Shareholder Information
Activities Financial Publishing Financial publishing includes an extensive portfolio of titles covering the international capital markets as well as a number of specialist financial titles. Products include magazines, newsletters, journals, surveys and research, directories, and books. A selection of the company’s leading brands includes: Euromoney, Institutional Investor, Euroweek, Latin Finance, Asiamoney, Global Investor, Project Finance, Futures & Options World, Total Derivatives and the hedge fund titles EuroHedge, InvestHedge, AsiaHedge, Absolute Return and Alpha. Business Publishing The business publishing division produces specialist magazines and other publications covering the metals and mining, energy and legal sectors. Its leading brands include: Metal Bulletin, American Metal Market, Petroleum Economist, World Oil, Hydrocarbon Processing, International Financial Law Review, International Tax Review and Managing Intellectual Property. Training The Training businesses run a comprehensive range of banking, finance and legal courses, both public and in-house, under the Euromoney and DC Gardner brands. Courses are run all over the world for both financial institutions and corporates. In addition the company’s Boston-based subsidiary, MIS, runs a wide range of courses for the audit and information security market. Turnover (£m) Conferences and Seminars The company runs a large number of sponsored conferences and seminars for the international financial markets, mostly under the Euromoney, Institutional Investor, Metal Bulletin and IMN brands. Many of these conferences are the leading annual events in their sector and provide sponsors with a high quality program and speakers, and outstanding networking opportunities. Such events include: The Euromoney Forum and The Euromoney Bond Investors Congress; the MARHedge Global Hedge Fund Summit; the European Air Finance conference; the Islamic Finance Summit; the Super Bowl of Indexing®; and Global ABS and ABS East for the asset-backed securities market. In the energy sector, the group runs the world’s leading annual coal conference, Coaltrans; and MIS runs the leading event for the information security sector in the US, InfoSec World. Databases and Information Services The company provides a number of subscription-based database and electronic information services for financial markets. Montreal-based BCA is one of the world’s leading independent providers of global investment research. The company’s US subsidiary, Internet Securities, Inc. (“ISI”) provides the world’s most comprehensive service for news and data on global emerging markets, and includes CEIC, one of the leading providers of time-series macro-economic data for Asia. The company also offers global capital market databases through a joint venture with its AIM-listed partner, Dealogic. 07 305.2 06 220.5 CHANGE +38% Adjusted operating Profit* (£m) 07 78.6 06 43.8 £m 80 75 70 Adjusted Operating Profit* CHANGE +79% 65 Adjusted diluted earnings a share* (pence) 07 32.7 06 28.6 60 55 50 45 CHANGE +14% 40 35 Dividend (pence) 07 19.0 30 25 20 06 17.0 2003 2004 2005 2006 2007 * Operating profit before acquired intangible amortisation, share option expense, exceptional items and share of results in associates and joint ventures. CHANGE +12% *see glossary (page 5) Annual Report and Financial Statements 2007 01
Page 1: Annual Report & Accounts 2007 Eurom
Page 5 and 6: The problems in global credit marke
Page 7 and 8: The increase in the share of subscr
Page 9 and 10: 3.2 Key performance indicators The
Page 11 and 12: £52.7 million to £42.8 million as
Page 13 and 14: In 2007 disaster recovery and busin
Page 15 and 16: markets and products areas. The ris
Page 17 and 18: Santash before and after surgery. v
Page 19 and 20: 12. Disabled employees It is the gr
Page 21 and 22: Non-executive Directors †‡ The
Page 23 and 24: The non-executive directors, whose
Page 25 and 26: Health and safety The group is comm
Page 27 and 28: Directors’ Remuneration Report In
Page 29 and 30: Remuneration structure continued SA
Page 31 and 32: Service contracts continued Date of
Page 33 and 34: Directors’ pensions Executive dir
Page 35 and 36: Directors’ share options continue
Page 37 and 38: Directors’ interests in Daily Mai
Page 39 and 40: Basis of audit opinion We conducted
Page 41 and 42: Group Balance Sheet as at September
Page 43 and 44: Note to the Group Cash Flow Stateme
Page 45 and 46: Notes to the Accounts 1 Accounting
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3 Segmental analysis continued 2007
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3 Segmental analysis continued Non-
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6 Staff costs continued (ii) Number
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6 Staff costs continued The company
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6 Staff costs continued The actual
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8 Tax on profit on ordinary activit
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11 Goodwill and other intangibles I
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13 Investments Investments in Inves
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13 Investments continued Details of
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14 Acquisitions continued Other acq
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17 Trade and other payables 2007 20
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19 Bank overdrafts and loans 2007 2
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23 Share-based payments Equity sett
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24 Statement of movement on reserve
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28 Related party transactions conti
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Company Balance Sheet as at Septemb
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Derivatives and other financial ins
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6 Intangible fixed assets Goodwill
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12 Profit and loss account 2007 200
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Five Year Record Group income state
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Financial Calendar and Shareholder
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Euromoney Institutional Investor PL
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